Gold-Silver Rate Today In India: Gold and silver prices are seeing a sharp rise in both the national and international markets today. Growing global uncertainty has led investors to turn to gold as a safe haven, leading to skyrocketing prices in the Indian bullion market.
Gold prices have risen for the third consecutive session in the domestic market due to rising demand for gold and a weak dollar. Furthermore, spot gold prices internationally are also rising to record levels, leading investors to expect further gains in the coming days.
Latest Gold and Silver Prices
The price of 24-carat gold has seen a sharp rise in the domestic market today. Its price in the Delhi bullion market has risen to ₹1,53,800 per 10 grams, including all taxes. Meanwhile, gold futures on the Multi Commodity Exchange (MCX) rose 0.5% to ₹1,49,607 per 10 grams.
Along with gold, silver prices are also seeing a sharp rise today. Silver prices rose to ₹234,800 per kilogram in the Delhi bullion market. Silver futures on the Multi Commodity Exchange (MCX) rose 0.95% to trade at ₹227,990 per kilogram.
Gold Prices in Major Indian Cities
24-carat gold prices remained high in major Indian cities today. In Delhi, Lucknow, and Jaipur, the price was ₹149,860 per 10 grams. In Mumbai and Kolkata, the price was ₹149,730, while in Chennai, it was trading at a record ₹150,000 per 10 grams.
What Market Experts Say
According to Gaurav Garg of Lemon Markets, the weak dollar and softening US bond yields have boosted gold demand. Meanwhile, Sharekhan’s Praveen Singh reported that the Hormuz Agreement between Iran and Oman has led to a rise in the spot gold price in the international market, reaching around $4,260 per ounce.
Massive Purchases by China
The main reason for this significant surge in the global market is the continuous purchase of gold by China’s central bank, the People’s Bank of China. China has been making significant purchases of gold for the past 20 months. It has been gradually moving its gold reserves from London to Hong Kong.
Concerns of a global recession, the US Federal Reserve’s dovish stance on interest rates, and geopolitical tensions have also fueled this rally. Demand for gold as a safe-haven is increasing, making it highly likely that its prices will rise further in the future.